Creating a trust
Discussion
I will talk to my lawyer at some point, but in the meantime I'd like a vague understanding if anyone knows. 
If your children have been left money 'to be held in trust until they are 20 years old' what are the practicalities of this?
Does the money come to me to keep for them?
Am I expected to create a trust of some description?
I have no idea.
Many thanks....
If your children have been left money 'to be held in trust until they are 20 years old' what are the practicalities of this?
Does the money come to me to keep for them?
Am I expected to create a trust of some description?
I have no idea.
Many thanks....
The money will not 'come to you' to look after.
The question is are you a trustee? The trustee's are responsible for the oversight of the trust and make decisions based on what type of trust it is.
I would suggest legal help or contact the firm that set up the trust for more specific info.
The question is are you a trustee? The trustee's are responsible for the oversight of the trust and make decisions based on what type of trust it is.
I would suggest legal help or contact the firm that set up the trust for more specific info.
J012E said:
The money will not 'come to you' to look after.
The question is are you a trustee? The trustee's are responsible for the oversight of the trust and make decisions based on what type of trust it is.
I would suggest legal help or contact the firm that set up the trust for more specific info.
Ah ok.... Thanks.The question is are you a trustee? The trustee's are responsible for the oversight of the trust and make decisions based on what type of trust it is.
I would suggest legal help or contact the firm that set up the trust for more specific info.
The solicitors are the executors and trustees and the trustees will obviously hold the funds - which I guess is fine. I'm not sure what charge they will make for this - let's just hope there's something left when the kids are older!
Who settled the trust? Part of a will possibly?
There's no reason the solicitors have to be trustees and frankly they can be quite pricey.
You, or other family members, could do it yourselves, but you do need to be aware of the trustee act.
For example, trusts do have to register tax returns, have a legal responsibility to take professional advice around the investment strategy and to ensure all beneficiaries are looked after equally.
There's no reason the solicitors have to be trustees and frankly they can be quite pricey.
You, or other family members, could do it yourselves, but you do need to be aware of the trustee act.
For example, trusts do have to register tax returns, have a legal responsibility to take professional advice around the investment strategy and to ensure all beneficiaries are looked after equally.
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